Standard Bank Group, Africa’s largest financial institution by assets, has disclosed plans to augment its stake in its Nigerian and Angolan subsidiaries as it seeks to strengthen its presence in two of the continent’s most dynamic economies. Sim Tshabalala, the Chief Executive Officer of the South Africa-based lender, revealed the bank’s strategic intentions in a recent interview with Reuters, signalling an ambitious phase of expansion in West Africa.
“In Nigeria, we are again wanting to increase our shareholding in the business. It’s a great business,” Tshabalala stated, underscoring the bank’s confidence in the growth trajectory of its Nigerian operations.
This move coincides with a significant development in Angola, where the government is poised to divest up to a 34 per cent stake in Standard Bank de Angola SA through an initial public offering (IPO). The divestiture follows the state’s seizure of a 49 per cent shareholding previously controlled by a former insurance magnate, now serving a nine-year sentence for financial misdemeanours. Standard Bank Group currently holds the remaining 51 per cent in the Angolan entity and retains the pre-emptive right to acquire an additional 24 per cent stake.
“We are going through a process where we are putting our best foot forward and therefore would increase our shareholding if all goes well,” Tshabalala affirmed, indicating the bank’s determination to secure a commanding interest in its Angolan operations.
With operations spanning 20 African countries, Standard Bank is strategically positioning itself to leverage the anticipated economic uplift in key regions, particularly as the continent gears up for a new wave of investments driven by energy transition initiatives. The bank’s enhanced focus on Nigeria and Angola—both pivotal in the African energy landscape—illustrates its intent to remain at the forefront of the sector’s evolution.
Standard Bank’s manoeuvre to boost its holdings in these markets also reflects a broader strategy to reinforce its competitive edge across the African continent, amid intensifying competition from other pan-African and global financial entities. By consolidating its presence in Angola and Nigeria, Standard Bank aims to fortify its role as a key financial intermediary in the region, facilitating capital flows and financing critical infrastructure projects that will underpin Africa’s sustainable growth in the coming decades.
As the global shift towards renewable energy accelerates, Africa’s energy-rich nations are expected to witness significant investments, and Standard Bank’s proactive stance suggests it is keen to capture a substantial share of this emerging market. The bank’s emphasis on expanding its footprint in Nigeria and Angola aligns with its broader vision of driving inclusive growth and sustainable development across the continent.
Standard Bank’s decision to increase its stakes in Angola and Nigeria represents a calculated effort to amplify its influence and secure its position as a leading financier in Africa’s evolving economic landscape. With the IPO in Angola on the horizon and ongoing expansion plans in Nigeria, the bank is well-positioned to harness the growth opportunities arising from Africa’s energy transition and broader economic transformation.
